Iraq - Economy
How is the economy of Iraq? Based on the information we have, Iraq has a highly oil-dependent Middle Eastern economy; fiscal sustainability subject to fluctuation in oil prices; rising public confidence in economic conditions; import-dependent for most sectors; persistent challenges of corruption, informal markets, banking access, and political fragility. Key agricultural products in this country include: wheat, dates, tomatoes, maize, watermelons, grapes, potatoes, milk, cucumbers/gherkins, eggplants (2022).
More about the economy of Iraq
| Labor force | 11.812 million (2023 est.) |
|---|---|
| Industrial production growth rate | -6.34% (2023 est.) |
| Industries | petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing |
| Population below poverty line | 23% (2014 est.) |
| Taxes and other revenues | 1.34% (of GDP) (2019 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Iraqi dinars (IQD) per US dollar - |
| Exchange rates 2023 | 1,312.5 (2023 est.) |
| Exchange rates 2022 | 1,450 (2022 est.) |
| Exchange rates 2021 | 1,450 (2021 est.) |
| Exchange rates 2020 | 1,192 (2020 est.) |
| Exchange rates 2019 | 1,182 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $15.065 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $112.233 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $97.009 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $64.231 billion (2021 est.) |
| Current account balance | |
| Current account balance 2022 | $58.01 billion (2022 est.) |
| Current account balance 2021 | $24.565 billion (2021 est.) |
| Current account balance 2020 | -$6.306 billion (2020 est.) |
| Public debt | |
| Public debt 2018 | 27.44% of GDP (2018 est.) |
| Budget | |
| Revenues | $90.204 billion (2019 est.) |
| Expenditures | $64.512 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.35% of GDP (2023 est.) |
| Remittances 2022 | 0.38% of GDP (2022 est.) |
| Remittances 2021 | 0.4% of GDP (2021 est.) |
| Average household expenditures | |
| On food | 28.8% of household expenditures (2022 est.) |
| On alcohol and tobacco | 4.3% of household expenditures (2022 est.) |
| Imports | |
| Imports 2022 | $69.162 billion (2022 est.) |
| Imports 2021 | $50.707 billion (2021 est.) |
| Imports 2020 | $54.865 billion (2020 est.) |
| Imports (partners) | UAE 32%, China 21%, Turkey 20%, India 4%, South Korea 2% (2022) |
| Comodities Imports force | refined petroleum, broadcasting equipment, cars, jewelry, garments (2022) |
| Exports | |
| Imports 2022 | $69.162 billion (2022 est.) |
| Imports 2021 | $50.707 billion (2021 est.) |
| Imports 2020 | $54.865 billion (2020 est.) |
| Exports (partners) | India 32%, China 28%, US 8%, South Korea 7%, Greece 5% (2022) |
| Comodities Exports force | crude petroleum, refined petroleum, gold, petroleum coke, natural gas (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $572.939 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $590.267 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $548.372 billion (2021 est.) |
| GDP (official exchange rate) | $250.843 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $12,600 (2023 est.) |
| Real GDP per capita 2022 | $13,300 (2022 est.) |
| Real GDP per capita 2021 | $12,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.8% (2023 est.) |
| Industry | 55.6% (2023 est.) |
| Services | 42.3% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 40.3% (2021 est.) |
| Government consumption | 17.7% (2021 est.) |
| Investment in fixed capital | 10.1% (2021 est.) |
| Investment in inventories | 11.3% (2021 est.) |
| Exports of goods and services | 37.3% (2021 est.) |
| Imports of goods and services | -24.2% (2021 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 15.53% (2023 est.) |
| Unemployment rate 2022 | 15.59% (2022 est.) |
| Unemployment rate 2021 | 16.17% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 32.2% (2023 est.) |
| Male | 27.8% (2023 est.) |
| Female | 62% (2023 est.) |
All Important Facts about Iraq
Want to know more about Iraq? Check all different factbooks for Iraq below.
